Solana

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solana-gains-attention-with-etf-application" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Gains Attention with ETF Application</a><br></p>
<p style="text-align: justify">In 2022, Solana’s price plummeted to $8 following the FTX incidents, which drew considerable attention to the cryptocurrency. Many believed Solana was finished, but the price rebounded, reaching above $100 by the end of 2023. The upward trend did not stop there; during the meme coin boom in March, Solana’s price surged past $200, hinting at previous all-time highs. So, what developments are propelling Solana now?</p>
<h2 id="etf-application-sparks-interest">ETF Application Sparks Interest</h2>
<p style="text-align: justify">Recently, Solana (SOL) garnered significant attention due to an ETF application in Canada. This move was further amplified when VanEck submitted a similar application to the Securities and Exchange Commission (SEC), causing considerable excitement in the market.</p>
<p style="text-align: justify">The ongoing rise in Bitcoin also positively influenced other altcoins, leading to modest gains for bullish <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. The overall cryptocurrency market value climbed to $2.29 trillion, marking a 0.67% increase, while Solana’s price saw an impressive surge of over 8%.</p>
<h2 id="how-is-solana-s-price-performing">How is Solana’s Price Performing?</h2>
<p style="text-align: justify">Despite the momentum from the ETF <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">news</a>, the broader market experienced a pullback. Bitcoin’s price, which had risen, fell back to the $61,500 level. In the past 24 hours, Solana’s price exceeded $150 but slightly retracted. Currently, Solana is trading at $148.7, following a rise of more than 9%, with a weekly gain surpassing 10%. Despite the recent surge, Solana’s price is still down by 13% over the past 30 days.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">The market cap and trading volume of Solana have shown significant growth, indicating strong interest from investors. Here are some actionable insights:</p>
<ul>
 <li>Solana’s market cap has risen to $68.5 billion, with anticipation about when it will surpass the $100 billion mark.</li>
 <li>The 24-hour trading volume has increased by 52%, reaching $2.73 billion, reflecting heightened investor interest.</li>
 <li>Institutional interest in SOL remains high, suggesting possible future ETF applications.</li>
</ul>
<h2 id="impact-of-etfs-on-the-market">Impact of ETFs on the Market</h2>
<p style="text-align: justify">ETFs have become crucial for those contemplating entry into the crypto market. Three months after Spot Bitcoin ETFs began trading on January 10, Bitcoin’s price achieved an all-time high of $73,000 before the halving. Attention is now shifting to the spot Ethereum ETF, expected to be approved in early July, which could significantly impact Ethereum’s price.</p>
<p style="text-align: justify">Similar effects are anticipated for Solana, given the strong institutional interest. Apart from BTC, ETH, and SOL, there are discussions about a potential <a href="https://en.bitcoinhaber.net/xrp-ledger-ends-2023-with-a-transaction-surge-record-highs-and-network-growth" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a> ETF in the future.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solana-gains-attention-with-etf-application" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Gains Attention with ETF Application</a></h5>

Solana Gains Attention with ETF Application

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BH NEWS

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